Buydeem Group(300824) 国投证券·2025-02-25 07:25Investment Rating - The investment rating for the company is "Buy-A" with a target price of 10.50 CNY for the next six months [2][3]. Core Views - The company is expected to benefit from the domestic consumption upgrade, with a focus on optimizing product structure and expanding its own brand internationally [2][3]. - The company's revenue for 2024 is projected to be 750 million CNY, representing a year-over-year increase of 13.3%, while the net profit is expected to be 70 million CNY, a decrease of 2.6% year-over-year [1][2]. - The fourth quarter of 2024 showed strong performance with revenue of 250 million CNY, up 28.2% year-over-year, and a net profit of 30 million CNY, up 61.3% year-over-year [1][2]. Summary by Sections Revenue and Profitability - The company's domestic sales in Q4 increased by 20.5% year-over-year, driven by marketing efforts and government subsidies for appliance upgrades [1]. - The overseas sales revenue in Q4 surged by 65.6%, with overseas brand business revenue increasing by 209.9% and OEM business revenue by 30.0% [1]. - The net profit margin for Q4 was 12.4%, an increase of 2.5 percentage points year-over-year, attributed to scale effects and improved gross margins [2]. Financial Projections - The company forecasts revenues of 870 million CNY in 2025 and 970 million CNY in 2026, with corresponding net profits of 90 million CNY and 100 million CNY [3][9]. - The earnings per share (EPS) are projected to be 0.21 CNY for 2024, 0.26 CNY for 2025, and 0.31 CNY for 2026 [2][3]. Market Position and Strategy - The company is positioned in the high-end market segment and is expected to benefit from the trend of quality consumption among consumers [2]. - The strategy includes optimizing product categories and expanding user touchpoints across all channels, which is anticipated to lead to continuous improvement in operational performance [2].